Medibio Limited
(ASX:MEB) has announced its negotiated the early repayment of a US$2.5 million convertible note. It was initially either convertible at $0.31 per share or payable in cash in April 2018.
The note was used as consideration to purchase patents, covering the use of 24-hour heart rate data, to diagnose depression and other mental health disorders.
The early repayment will save Medibio $267,000 in interest.
The funds came from the company's November 2016, $13.5 million capital raising.
Medibio Limited
(ASX:MEB) posted a net loss of $5.82 million at 30 June 2016.
